Abercrombie & Fitch will give its surf-themed Hollister stores aimed at teenagers a makeover by imitating its fast fashion rivals such as H&M and Forever 21.

The clothing retailer will cut prices and strengthen its US supply chain to be able to design and manufacture new garments faster and more cheaply to keep up with teenagers’ fickle and fast-changing tastes, Arthur Martinez, Abercrombie’s chairman, said.

The company, which has struggled to keep pace with the fast turnover in new collections that has spurred so many of its rivals to success, is also understood to be looking for a new president